12029 Five Waters Cir · Fort Myers, FL 33913

$399,000

2 bd · 2.0 ba · 1,857 sqft · Condo public records · 84 Days on market

Built 2015 $399/mo HOA · 9% of rent

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This stunning two-bedroom, two-bath villa with a den is located at 12029 Five Waters Cir in the gated community of Marina Bay, Fort Myers. Set on one of the most serene lots, it offers tranquil water views and a peaceful, resort-like atmosphere. Spanning approximately 1,857 square feet and built in 2015, the home boasts soaring 10-foot ceilings with crown molding, a raised tray ceiling in the primary bedroom, 2026 central air conditioning , and multiple walk-in closets. Enjoy Marina Bay’s premium amenities, including a resort-style pool with beach entry, lap pool, clubhouse with fitness center, tennis and pickleball courts, basketball court, playground, and more—all in a secure,

Key facts

• Gated community
• Resort style pool
• Basketball court

Tags

• GATED COMMUNITY
• TRANQUIL WATER VIEWS
• RESORT STYLE POOL
• CLUBHOUSE WITH FITNESS CENTER
• TENNIS AND PICKLEBALL COURTS
• BASKETBALL COURT

Property features AI

Finance

• Other: Part of a large multi-unit community (880 units in complex, 2 units in building)
• HOA & community: Mandatory HOA (gated community); On-site management; Master HOA fee quarterly; Total annual recurring HOA fees $4,788; One-time fees $150; HOA covers cable, internet/WiFi, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, and security; Community amenities: clubhouse, community pool, community room, exercise room, basketball, tennis, pickleball, billiards

Exterior

• Parking: Attached 2-car garage; Covered parking (2+ spaces)
• Security: Garage secured; Guard at gate; Patrolled community
• Utilities: Central water; Central sewer; Cable available
• Home design: Attached villa (duplex); 1 story; Rear exposure faces northeast; Residential property
• Construction: Built in 2015; Concrete block construction; Stucco exterior; Tile roof; Double-hung windows; Shutters (electric and manual)
• Exterior features: Automatic sprinkler system; Lake view / lake frontage; Reclaimed irrigation

Interior

• Kitchen: Pantry; Electric cooktop; Dishwasher; Microwave; Refrigerator/Freezer; Breakfast bar; Formal dining area
• Bedrooms: 2 bedrooms plus den (split bedroom floor plan)
• Flooring: Tile; Carpet
• Bathrooms: 2 full bathrooms; Master bathroom with separate tub and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Coffered ceiling; Foyer; Pantry; Cable prewire; Smoke detectors; Den / home office; Screened lanai/porch; Furnished
• Laundry & utility: Laundry in residence; Washer; Dryer; Auto garage door

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $749 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.0% in Fort Myers — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 86/100 on livability (#14 in FL, #383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Lee (suburban): math 47% / reading 50% proficiency, ranked #42 of 73 in FL (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Treeline Elementary School (math 51% / reading 51%, grade C-, #1,043 of 2,144 statewide, top 49%, 1,135 students, 46% FRL); Gateway High School (math 39% / reading 48%, grade F, #248 of 667 statewide, top 38%, 1,981 students, 50% FRL).
• Market conditions: Rents flat; 811 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $4,635/mo this rent would consume 50% of the median local household income ($110k/yr) (locally 276% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.04%
• DSCR: 1.36
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.74×
• Total profit: $-28,760
• Equity at exit: $59,492

10-year hold

• IRR: -1.4%
• Equity multiple: 0.91×
• Total profit: $-9,499
• Equity at exit: $34,498

Cash invested: $111,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33913

• Home prices YoY: -10.3%
• Rents YoY: 0.4%
• Active inventory: 811
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,635 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$255 /mo · $3,062/yr
• Insurance: −$166
• HOA: −$399
• Vacancy / Maint / Mgmt: −$973
• Net cashflow: $749

Break-even live

Break-even rent $3,687

Max offer price $399,000

Occupancy floor 79%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12016 Five Waters Cir Fort Myers, FL	3.0	2.0	1646	$4,500	$2.73	23d	1	0.05mi
11617 Lakewood Preserve Pl Fort Myers, FL	3.0	2.5	2242	$3,100	$1.38	15d	1	0.27mi
11593 Lakewood Preserve Pl Fort Myers, FL	2.0	2.0	1985	$2,800	$1.41	23d	1	0.28mi
12171 Treeline Ave Fort Myers, FL	1.0–3.0	1.0–2.0	1321	$2,606	$1.97	3d	23	0.30mi
11619 Meadowrun Cir Fort Myers, FL	3.0	2.5	2242	$2,495	$1.11	23d	1	0.31mi
11541 Stonecreek Cir Fort Myers, FL	3.0	3.0	2147	$3,300	$1.54	23d	1	0.34mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	23d	1	0.41mi
10908 Clarendon St Fort Myers, FL	3.0	2.0	1433	$8,000	$5.58	14d	1	0.41mi
11869 Lakewood Preserve Pl Fort Myers, FL	2.0	2.0	1646	$5,000	$3.04	23d	1	0.43mi
10271 Glastonbury Cir #102 Fort Myers, FL	2.0	2.0	1550	$4,500	$2.90	23d	1	0.43mi
10900 Glenhurst St Fort Myers, FL	2.0	2.0	1355	$2,200	$1.62	2d	1	0.47mi
10952 Clarendon St Fort Myers, FL	2.0	2.0	1582	$4,000	$2.53	23d	1	0.49mi
10535 Carolina Willow Dr Fort Myers, FL	3.0	2.0	1290	$2,300	$1.78	21d	1	0.52mi
10879 Rutherford Rd Fort Myers, FL	2.0	2.0	1566	$3,500	$2.23	23d	1	0.58mi
11012 Castlereagh St Fort Myers, FL	3.0	3.0	2517	$12,000	$4.77	23d	1	0.60mi
10280 Crepe Jasmine Ln Unit 1546286P Fort Myers, FL	3.0	2.0	1571	$4,526	$2.88	15d	1	0.73mi
11701 Avingston Ter Fort Myers, FL	2.0	2.0	1553	$5,500	$3.54	14d	1	0.77mi
11225 Lithgow Ln Fort Myers, FL	2.0	2.0	2153	$8,000	$3.72	23d	1	0.78mi
11075 Lancewood St Fort Myers, FL	3.0	2.0	1575	$2,300	$1.46	23d	1	0.89mi
11075 Lancewood St Fort Myers, FL	3.0	2.0	1575	$2,300	$1.46	15d	1	0.89mi
11230 Suffield St Fort Myers, FL	2.0	2.0	1560	$8,500	$5.45	23d	1	0.93mi
12908 New Market St #201 Fort Myers, FL	3.0	2.5	2198	$3,000	$1.36	23d	1	0.99mi
10121 Colonial Country Club Blvd #1802 Fort Myers, FL	2.0	2.0	1530	$4,800	$3.14	3d	1	1.02mi
10128 Colonial Country Club Blvd #602 Fort Myers, FL	2.0	2.0	1530	$4,600	$3.01	23d	1	1.04mi
11012 Mill Creek Way #2205 Fort Myers, FL	2.0	2.0	1749	$5,500	$3.14	23d	1	1.06mi
11011 Mill Creek Way #1307 Fort Myers, FL	2.0	2.0	1379	$5,000	$3.63	23d	1	1.09mi
12531 Villagio Way Fort Myers, FL	3.0	2.0	1913	$8,500	$4.44	23d	1	1.09mi
10112 Colonial Country Club Blvd #209 Fort Myers, FL	2.0	2.0	1530	$5,000	$3.27	23d	1	1.12mi
10751 Palazzo Way #103 Fort Myers, FL	2.0	2.0	1235	$5,000	$4.05	23d	1	1.13mi
10711 Palazzo Way Fort Myers, FL	2.0	2.0	1257	$3,900	$3.10	15d	2	1.13mi
10711 Palazzo Way Unit 203 Fort Myers, FL	2.0	2.0	1257	$5,300	$4.22	21d	1	1.13mi
10111 Colonial Country Club Blvd #2308 Fort Myers, FL	2.0	2.0	1309	$2,000	$1.53	11d	1	1.14mi
10791 Palazzo Way #301 Fort Myers, FL	2.0	2.0	1390	$5,300	$3.81	23d	1	1.15mi
11029 Mill Creek Way #405 Fort Myers, FL	2.0	2.0	1749	$2,500	$1.43	23d	1	1.18mi
10700 Palazzo Way #201 Fort Myers, FL	2.0	2.0	1390	$5,000	$3.60	21d	1	1.18mi
11442 Tiverton Trce Fort Myers, FL	3.0	2.0	2010	$9,500	$4.73	23d	1	1.19mi
11033 Mill Creek Way #202 Fort Myers, FL	2.0	2.0	1379	$5,400	$3.92	23d	1	1.19mi
10602 Camarelle Cir Fort Myers, FL	2.0	2.0	1690	$5,500	$3.25	23d	1	1.20mi
10820 Palazzo Way #203 Fort Myers, FL	2.0	2.0	1235	$5,400	$4.37	23d	1	1.22mi
10020 Horse Creek Rd Fort Myers, FL	2.0	2.0	1692	$2,500	$1.48	23d	1	1.23mi

HOA detail condo

• Monthly dues: $399 · $4,788/yr
• Likely covers: waterpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-17
   days on market $399,000 Active 84 DOM
2. 2026-06-16
   days on market $399,000 Active 83 DOM
3. 2026-06-15
   days on market $399,000 Active 82 DOM
4. 2026-06-13
   days on market $399,000 Active 80 DOM
5. 2026-06-10
   days on market $399,000 Active 77 DOM
6. 2026-06-09
   days on market $399,000 Active 76 DOM
7. 2026-06-07
   pricedays on market $399,000 Active 74 DOM
8. 2026-06-03
   days on market $415,000 Active 70 DOM
9. 2026-06-02
   days on market $415,000 Active 69 DOM
10. 2026-06-01
    days on market $415,000 Active 68 DOM
11. 2026-06-01
    days on market $415,000 Active 67 DOM
12. 2026-03-25
    listed $415,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $3,062 · $255/mo
• Projected year-2 tax: $3,312 · $276/mo
• Expected delta: +$250/yr (+$21/mo · 8.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,617
• − Mortgage interest: −$22,350
• − Property taxes: −$3,062
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,449
• − Management: −$4,449
• − HOA: −$4,788
• − Depreciation: −$11,607
• Taxable income: $2,916
• Est. tax owed @ 24.0%: −$700
• After-tax cash flow: $8,284/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lee
• NCES district ID: 1201080
• Math proficiency: 47% ▼ -11.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $49,518
• Composite: 41.49/100
• National rank: #3458
• State rank: #42 of 73 in FL

Livability — Fort Myers

• Score: 86/100
• State rank: #14
• US rank: #383

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime B+ Employment C Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Myers, FL
• County: Lee County · 788,662 people
• City population: 278,598
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 31,538
• Household income: $110,373
• Rent vs Own: 9.5% rent · 90.5% own
• Severe rent burden: 276.0

Population outlook (Lee County) Hauer SSP2

• Today (2025): 871,946 people
• By 2030: 955,468 · +9.6%
• By 2040: 1,113,587 · +27.7%
• By 2050: 1,256,891 · +44.1%
• By 2075: 1,560,270 · +78.9%
• By 2100: 1,726,848 · +98.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% French/Haitian/Cajun 2%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+28.4) · D 35.5% · R 63.9%
• 2008→2024 swing: -18.0pp toward R · 2008: -10.4pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+19.2 2016: R+20.4 2012: R+16.6 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.45%
• Current HPI: 221.7115
• Rent YoY: ▲ 0.37%
• Metro: Cape Coral-Fort Myers, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

1 event — show timeline

• 2026-03-25 Listed $415,000 NAPLESMLS

Property tax history

+12.9%/yr

Latest (2025): $3,062 · -0.3% YoY. Source: county tax records.